$713 million ICBC green bond issuance lists on Nasdaq Dubai
Industrial and Commercial Bank of China listed $713 million in dual-currency green bonds on the exchange, with strong investor demand across both currencies.
Nasdaq Dubai listed $713 million of green bonds issued by Industrial and Commercial Bank of China. The offering consists of two three-year tranches totaling $713 million under the bank's $20 billion Global Medium Term Note Programme. The first tranche is a $300 million floating-rate note priced at Secured Overnight Financing Rate plus 35 basis points, a figure lower than the initial guidance of SOFR plus 90 basis points. The second tranche is a CNH2.8 billion fixed-rate bond, equivalent to approximately $413 million. Proceeds support eligible green projects including renewable energy, carbon neutrality initiatives, and sustainable infrastructure.
Investor demand was strong for both currencies. Nasdaq Dubai reported the dollar tranche was 3.8 times oversubscribed with an order book of $1.2 billion. The offshore renminbi tranche was 3.5 times oversubscribed with orders reaching CNH10 billion.
